The London-based bank has initiated a search for a successor, with both internal and external candidates being considered.

Quinn, a 62-year-old HSBC veteran, will remain in the position until a new CEO is appointed.

HSBC reported a 3% revenue increase to $20.8bn.

The bank announced a share buyback program worth up to $3bn.

In 2019, Noel Quinn became CEO on an interim basis after John Flint was ousted, and was made permanent in March 2020.

During his tenure, he navigated the bank through the pandemic and cut 35,000 jobs to save £3.5bn.

The board resisted pressure from top shareholder Ping An to split off the Asian business.

Quinn announced his intention to step down, citing the need for a better balance between personal and business life.

He plans to take a break and consider other opportunities in the future.

HSBC CEO, Mark Quinn, saw his pay nearly double to £10.6m in a year with the bank reporting record profits.

Quinn, who began his career at HSBC's Midland Bank and its subsidiaries 37 years ago, previously ran the global commercial banking business since 2015.

He expressed gratitude for the opportunity to lead the bank, stating that it was a privilege for him and beneficial for the organization.